Insurance
Tata AIA Life unveils traditional plan MahaLife Supreme

Tata AIA Life Insurance's MahaLife Supreme offers a guaranteed annual income after the premium payment term till end of the chosen policy term

 
Mumbai: Tata AIA Life Insurance launched MahaLife Supreme, a limited premium paying, non- linked, non-participating, endowment insurance plan, reports PTI.
 
The plan offers a guaranteed annual income after the premium payment term till end of the chosen policy term, where customers will also get a guaranteed lump-sum at maturity, with the benefit of life insurance protection throughout the policy term, a Tata AIA Life release said.
 
"In this festive season, we are very happy to present a solution that can help our customers open doors to a guaranteed future. Our new product enables our customers to make the smart choice by planning both their savings outflow and the required regular guaranteed annual income inflows with the assurance of a long term insurance protection," Tata AIA Life Managing Director and CEO Suresh Mahalingam said.
 
MahaLife Supreme can be bought by the individuals from age 18 to 55 years with the maximum maturity age being 90 years for option 'A' and 85 years for option 'B' and provides policyholders tax benefits.
 
In option 'A', term of the plan is 35 years and premiums have to be paid till the 15th year, while in option 'B', the term of the plan is 30 years and premiums have to be paid till the 12th year.
 

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SEBI bars Mascon IT for trades with Ketan Parekh related entities

SEBI found that MITL sold shares of Mascon Global to various entities associated with Ketan Parekh and certain overseas corporate bodies to create artificial volumes

 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has barred Mascon Information Technologies Ltd (MITL) from the securities market for a period of two years for alleged fraudulent trading by way of offloading shares through off market transfers to Ketan Parekh related entities, reports PTI.
 
MITL offloaded a large number of shares to entities related to Ketan Parekh, the main accused in the stock market scam in early 2000, during December 2000 to March 2001 period.
 
In its order dated 27th November, SEBI said MITL by indulging in non-genuine transactions has "thus aided and abetted the Ketan Parekh related entities who, by their transaction in the scrip after receiving the shares from the noticee (MITL), created a false and misleading appearance of trading of shares of Mascon".
 
SEBI has restrained MITL from accessing the securities market or being associated with the securities market in any manner for a period of two years from the date of the order.
 
The regulator's probe had found that MITL sold shares of Mascon Global Ltd to various entities associated with Ketan Parekh and certain Overseas Corporate Bodies (OCBs). These transactions created artificial volumes in scrip of Mascon Global, whose promoter entity is MITL.
 
These huge volume in shares were later on used by Ketan Parekh related entities to indulge in manipulation of price and volume of Mascon Global.
 
The entities connected to Ketan Parekh were Panther Investrade, Panther Fincap and Management Services, Classic Credit, Saimangal Invest Trade and Luminant Investments.
 
In addition, MITL had offloaded shares to certain OCBs such as Kensington Investments, European Investments Wakefield Holdings and Brentfield Holdings.
 

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SBI to open 24-hrs locker cum gold loans branch in Vizag

SBI is opening a dedicated 'Locker Shoppe cum Gold Loans' branch in Visakhapatnam that would remain open for 24 hours for locker operations and gold loans

 
Visakhapatnam: State Bank of India (SBI) is opening a dedicated 'Locker Shoppe cum Gold Loans' branch in Visakhapatnam having round-the-clock operations, reports PTI quoting a top official.
 
"The proposed branch would remain open for 24 hours for locker operations and gold loans which would be sanctioned up to 8 pm every day," said SBI General Manager (Andhra Circle) Gopal Krishan Kansal on the sidelines of a function.
 
He was speaking to reporters after inaugurating a new SBI branch at Asilmetta in the city.
 
About the bank products, Kansal said the "SBI was offering protected home loans where the dependants of the borrowers need not pay outstanding instalments in case of sudden demise of the borrower".
 
Kansal said SBI has brought down its base rate and is currently offering home loans at 10%. "SBI is offering 'personal accidental insurance' cover of Rs4 lakh at a premium of Rs100 per annum for all its savings bank account-holders through SBI General Insurance.
 
He said SBI would be opening around 100 more branches in Andhra Pradesh by the end of financial year and seven among them will be opened in Visakhapatnam.
 

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